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EXHIBIT 99.1
NEWS RE: PACIFIC GULF PROPERTIES INC.
BULLETIN 4220 VON KARMAN, 2ND FLOOR
NEWPORT BEACH, CA 92660-2002
TRADED NYSE: PAG
FOR FURTHER INFORMATION:
Donald G. Herrman Victoria J. Baker
Chief Financial Officer General Information
(949) 223-5000 (703) 370-8652
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FOR IMMEDIATE RELEASE
NOVEMBER 9, 2000
PACIFIC GULF PROPERTIES INC. SHAREHOLDERS
APPROVE SALE OF INDUSTRIAL PORTFOLIO AND LIQUIDATION
NEWPORT BEACH, CA - Nov. 9, 2000 - Pacific Gulf Properties Inc. (NYSE:PAG)
announced that, at a special meeting of shareholders held today, shareholders
approved the Company's sale of its industrial properties portfolio to CalWest
Industrial Properties, as well as the sale of the Company's remaining assets and
subsequent liquidation and dissolution. Both proposals received the required
vote of a majority of all outstanding voting shares of the Company's common and
preferred stock.
Glenn Carpenter, the Company's Chairman and Chief Executive Officer,
said "We are extremely pleased that our shareholders have supported the
determination by our management and board of directors that these transactions
present the best opportunity in today's market environment to maximize value for
our shareholders."
The Company anticipates that the initial closing of the industrial
property sale will occur this month for an aggregate price of approximately $
856.9 million, excluding one property that has been deleted from the transaction
and four other properties that may require additional remediation before sale or
that may be deleted from the sale.
The Company has closed on the sale of four of its multifamily apartment
properties, receiving an aggregate price of approximately $60.5 million. The
Company also has pending sales for seven of its eight multifamily apartment
properties for an aggregate purchase price of approximately $62.0 million,
although such transactions remain subject to several conditions and there can be
no assurance that they will close. The Company has not entered into any
definitive agreements for the sale of its remaining assets.
If the initial closing of the industrial property sale and the closing
of the multifamily apartment sales occur as currently scheduled, the Company
anticipates making an initial special distribution of proceeds to its
shareholders in mid-December.
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Shareholders Approve Sale and Liquidation
Page 2 of 2
Pacific Gulf Properties is a real estate investment trust (REIT) that
owns, develops and manages a portfolio of industrial properties targeting small
to mid-size tenants in selected high-growth U.S. western markets. The Company's
industrial portfolio includes 72 properties encompassing more than 14.9 million
square feet of space. Pacific Gulf also maintains a multifamily portfolio that
includes eight rental communities comprising approximately 1,500 units designed
for the burgeoning population of active seniors age 55 and better. The company
is headquartered in Newport Beach, California. For more information please visit
the Company's web site, www.pacificgulf.com.
Forward-looking statements and comments in this press release are made pursuant
to the safe harbor provisions of Section 21E of the Securities Exchange Act of
1934. Such statements relating to, among other things, events, conditions,
prospects and financial trends that may affect the company's future plans of
operations, business strategy, growth of operations and financial position are
not guarantees of future performance and are necessarily subject to risks and
uncertainties, some of which are significant in scope and nature, including
without limitation, increased competition, adverse economic trends, increasing
interest rates and other factors.
